The world we live in today is changing faster than we can keep up with. The Fourth Industrial Revolution is in high gear, and we are constantly waking up to new innovations. Even though we may have focused too much on the technological aspect, energy is also going through seismic shifts, which is what we see with renewable energy gaining steam.
China has been one of the dominant forces in the energy sector, even becoming somewhat of a monopoly in recent years. The country’s dominance in the mining and refining of lithium has it holding more than half the market share. ElectraLith is the greenhorn that may just dilute China’s dominance thanks to its novel technology for mining and refining.
ElectraLith, which Melbourne-based Monash University owns, is among the leading lights of the bludgeoning wave of Australian startups. The government is also getting behind companies like these and dishing out incentives to help them take off.
The Startup Ecosystem in Australia
ElectroLith’s entry into the energy sector is quite a big step for Australia and the energy sector as a whole. Startups can also pick a lot from ventures that have managed to bag funding from the British-Australian mining conglomerate Rio Tinto. More work lies ahead, and the company will need to raise 15 million to get its formula to work commercially. This, and the fact that it is only just launching and will need to prove itself in the market, sets the company up for aggressive development.
Startups like ElectroLith are a testament to the vast opportunities that exist for new innovators. The company’s direct lithium extraction (DLE) technology is one of a kind and is also paired with an equally unique way of refining the ore. Investors in the industry were quick to notice the potential in the new technologies the company postulated and were quick to get on board. This ready nature of investors to jump into projects that show potential is something entrepreneurs all across Australia can benefit from.
With all the factors that support entrepreneurs with innovations, it is little wonder that the country is attracting investors from other parts of the world. Supportive government policy has been one of the biggest factors incentivising interested investors. Initiatives like the R&D Tax Incentive and the Entrepreneur’s Program are proving to be indispensable tools for new entrepreneurs in the country.
Getting funding in Australia has also become a bit easier owing to the investors looking to support new ideas. Crowdfunding is also a bit easier to land in the country, where platforms like AirTree Ventures are supporting new entrepreneurs in different ways.
New Entrepreneurs Can Get in On the Action As Well
Australia has always had the potential to thrive on a global scale owing to its innovative and young ilk of professionals. It makes it one of the best places to birth disruptive ideas that impact the industry. Canva is among the prime examples of the creativity and spirit of initiative that exists in the country. As such, it is only right that everybody gets to bring out their novel ideas and explore uncharted waters.
Making it in business and becoming successful takes more than just the desire and passion for it. There are a lot of essentials you should know about that will help you navigate the choppy waters of the business world.
- Do The Number Crunching and Find Out About Your Industry: You can only be more successful in your industry as you keep expanding your knowledge of things. The most important aspect of knowing your industry is getting to learn what your customers need. To become an expert in your industry, you must understand every aspect of your target audience. What they prefer and how they prefer it delivered to them. Look at it as an opportunity to develop unique features.
- Get Funding and Maintain Impeccable Financial Management: Every great idea needs funding to bring it to life. New entrepreneurs need options they can turn to for a much-needed injection of funds. It all starts with the business account you choose. A business account is crucial to running your business like a well-oiled machine. Airwallex compares the business bank accounts you could opt for depending on the venture you wish to enter. With a good business account, tax compliance, processing payments, and managing cash flow all become easier, and you also build a credit history. Business banking is a much more complex process that should stay separate from your personal finances.
- Networking: Building networks early on is one way to stay ahead of the curve. Advisors, mentors, and industry contacts will guide and support you from the very start of your journey into entrepreneurship. It helps line everything up for the new entrepreneur when they have partnerships to turn that will contribute to the launch of a new idea.
- Competitive Analysis: Knowing the competitive environment in your field of interest is among the first things you do when researching for a new project. By analysing the competitive environment you wish to enter, you can identify market gaps that will help you differentiate your product. This is also the time to find a niche that works best for your product and attracts your target audience. SWOT analysis will help greatly identify your industry’s positive aspects and potential problems, including how to address them.
- Get the Right Talent: When it is time to get the ball rolling, you want the right team to help you launch your idea. Hiring is one part that makes or breaks companies that are just starting. Ensure you get a talented workforce that sees and appreciates your vision for the company. Having a dedicated workforce that follows you in pursuit of greater success could be the single most important thing you do for business success. You get better results from a workforce that considers themselves part of the company.
Australia’s Startup Landscape Will Keep Thriving
All indications lead to the conclusion that Australia’s startups are bound to keep enjoying the advantages that make it so exciting. With bonafide investor appeal, the country is going to keep churning out innovations even though some, like ElectroLith’s project, will take some time before they are fully running. Even so, the fact that investment is not focused on any single industry is a sign that the country has real potential to grow its industries as well as its global market share. With ElectroLith, Australia is sure to shake the energy sector. With a new technology that starts from mining to processing, ElectorLith will set a standard that will give the dominant forces a run for their money.
Never a Better Time for Entrepreneurship
ElectroLith’s entry into the energy sector and effective challenge towards China show the boundless opportunities waiting for entrepreneurs in Australia today. The ecosystem is supportive in more ways than one, and talented labour is readily available. All there is left is for entrepreneurs to step up to the plate and bring forth ideas to win them the funding they need to get the wheels rolling. With the dynamic environment of startups today, the meshing of ideas and funding should not be so hard to attain.